Incubation Hubs and Development in Southwestern Nigeria

Abstract

Incubation hubs have become a global concept. There has been a continuous increase in their numbers around the world, especially in Europe and America as they have been found to be very good tools for job creation and socio-economic development. In recent times, African countries have embraced incubation hubs, with a lot of startups and small businesses undergoing incubation, especially in Nigeria. Although there has been an increase in the studies of incubation hubs globally, little has been done in understanding the prospect of incubation hub especially the private ones in Nigeria. Adopting an explorative, explanatory and descriptive research design, this study employed triangulation using qualitative and quantitative methods and Social Network Theory as the theoretical framework. The research was conducted in Lagos Metropolis and Ibadan, Oyo state. This study covers the prospect of incubation hubs as drivers of development; it considers the impact of incubation hubs on the community as well as the influence of the community on them and their ability to drive development in the nation-state. &ings from this study revealed that the incubation space has the potential to help Nigeria achieve sustainable development through job creation and support for the local community where they are located while contributing to the overall development of the nation. To enhance the growth of the sector, this paper recommends that adequate support should be provided to this space by the private and public sector through collaborations that will increase the synergy in the space and drive productivity.